Tribunal overthrows ASIC’s ban of former Sydney adviser

In May, ex-ANZ adviser Lisa Lee was handed an eight-year ban by ASIC, however the corporate regulator confirmed on Friday (3 December) that following an appeal by Ms Lee, the Tribunal has reduced the ban.

“The Tribunal considered that a ban for a period of six years from providing financial services was an appropriate regulatory response,” ASIC said on Friday (3 December).

In a statement released in May, ASIC said Ms Lee had allegedly falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.

Ms Lee had been an authorised representative of the bank from 2010 to 2017, and had been licensed under Infocus Securities from 2017 to 2019.

In its decision, Tribunal member Rob Reitano said he has reason to believe Ms Lee is “not a fit and proper person” to provide financial services.

“A person who pretends that the signature on an important document is someone else’s when it is their own signature is being dishonest,” Mr Reitano said.

“People of integrity do not falsify the signatures of others. The fact that the conduct happened many times over two reasonably lengthy periods in 2013 and 2014 and again in 2016 and 2017 suggests that the conduct was not some momentary lapse or involved succumbing to some temporary or aberrant circumstance but rather appears to be something more significant than that.

“In the circumstances I consider that a ban for a period of six years from providing financial advice is an appropriate regulatory response that will give effect to the objectives of the Act in promoting fairness, honesty and professionalism by those who provide financial services.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.